E-Financial
Interswitch Group Unveils Coordinated Interventions Against COVID-19
Interswitch Group, one of Africa’s leading integrated payment & digital commerce players has announced a series of intervention measures as part of a coordinated effort to complement ongoing efforts from public and private sector perspectives to address the spread and mitigate the negative impact of the novel coronavirus pandemic in Nigeria.
Inspired to make a difference as far as playing their part in fighting the scourge, employees of the company have rallied together to voluntarily contribute various amounts from their compensation, raising a total of 75 million Naira in an employee-led effort, which the company has supplemented with the sum of N230 million, thereby bringing the funds raised towards the organization’s COVID-19 response effort to a grand total of N305 million Naira.
This is coming on the heels of concerted efforts by good-spirited individuals and corporate organisations to support the Federal and State governments in combating the COVID-19 pandemic.
This intervention fund from the Interswitch Group and its employees is being deployed to provide support to Federal & State Governments, as well as some selected private sector-led initiatives.
The primary focus of the fund is supporting the creation and equipment of isolation centres, purchasing COVID-19 Test kits, providing personal protective gear and related support to frontline heath workers and to setting up foodbanks to cater to under-privileged communities in Lagos.
Execution has commenced with Interswitch’s Verve Brand, which has sealed a partnership with the Lagos State Feeding Program to provide raw material food items for poor & vulnerable communities in Lagos. Interswitch also supported The Young President’s Association (YPO) and the Lagos State government in setting up the already functional Eti-Osa isolation centre in Lagos.
The fund has also supported the Delta State Government by providing tropicalized ultra-low temperature (ULT) laboratory refrigerators that will be used for the storage of reagents and other laboratory consumables and COVID-19 test samples pending when they will be transported to the designated COVID-19 Testing Laboratory in Irrua, Edo State.
The company is finalizing discussions with states including Edo, Enugu, Kaduna, Ogun and Oyo with a view to providing test kits and personal protective equipment (PPE) for frontline health workers in these states.
Furthermore, by way of providing free technology for the use of governments and healthcare authorities, Interswitch has leveraged its core capabilities as a technology company and systems integrator, manifested through the initiative of eClat Healthcare, Interswitch’s health-tech subsidiary company, in building out a user-friendly, locally-nuanced software application which is useful for members of the public as a first-line intervention for the assessment of risk and pre-disposition to the novel Coronavirus infection.
The software platform analyses users’ information provided from answers to a series of questions around risk factors, recent exposure, observed symptoms, health and travel history.
From an epidemiological mapping perspective, the application also offers insight-based analytics, based on its capabilities to track and aggregate insights into geographical heat-maps which highlight areas in which pre-disposition is deemed to be higher, to optimize decisioning and ultimately enable prioritization of interventions, a key value proposition to public healthcare authorities.
This initiative essentially serves to provide guided and up-to-date information on COVID-19, reduce panic, lower gross footfall to medical facilities, being a first-line checkpoint and ultimately reduce risk of exposure to health workers on the frontlines of fighting the pandemic.
Designed with an interactive interface, the solution facilitates further virtual consultation for infected persons, meaning infected persons can stay in their homes and access consultation as to whether their symptoms give cause for alarm or not.
The eClat Health-tech solution supporting State Governments’ response to COVID-19 has been implemented in 20 states across the country.
It is currently in use in Lagos State’s Eti-Osa isolation centre, and in Edo, Ogun and Oyo States, while it has been implemented and is set to go live in Delta, Kaduna, Bayelsa, Yobe and Jigawa States, where healthcare personnel have also been trained in readiness to go-live. The system has been primed for the other states which are at various stages of implementation, training and approval to go live. These are Kano, Katsina, Rivers, Abia, Enugu, Anambra, Ebonyi, Akwa Ibom and Imo States.
Also by way of exploring collaborative private-sector led initiatives to complement the drive of Federal & State Governments as well as public health authorities to mitigate the spread of the pandemic, Interswitch will leverage its existing partnership with players such as PAX Technology (a leading international provider of Point-of-Sale payment terminals) to provide essential medical consumables and supplies such as N95 facial masks and thermometers as part of the quest to contain the COVID-19 pandemic in Nigeria.
Interswitch has also expressed a commitment to leveraging its creative capabilities, social and digital media assets to roll out awareness and sensitization campaigns to propagate WHO-approved messaging & information on COVID-19, under the umbrella platform of #FlattenTheCov.
Commenting on the essence of these interventions, Mitchell Elegbe, Founder and Group Chief Executive Officer at Interswitch opined that;
“These interventions sit well within the context of our corporate mission; to create transaction solutions that enable individuals and communities prosper across Africa.
“Our efforts are underpinned by the realization that this pandemic, if left unchecked is a potent threat to interactions which facilitate entrepreneurship and commerce, without which inclusive prosperity will remain a pipe dream.
It is our desire and earnest hope that these initiatives, aggregated with the goodwill and committed efforts of many other like-minded corporate entities and well-meaning individuals who have rallied to this noble cause would significantly contribute to the flattening of the COVID-19 infection curve in Nigeria, which remains one of Africa’s most important economic hubs”.
By virtue of the alliance with technology providers such as PAX, Interswitch has also underscored commitment by the partners to promote the adoption of contactless point-of-sale payment solutions across the West Africa market.
Contactless payment solutions include payments with contactless-enabled credit and debit cards, as well as QR codes, underscored by the realization that the widespread adoption of contactless payment solutions have greater propensity to better mitigate the spread of COVID-19.
Central Bank of Nigeria (CBN) has suspended dividend payments to shareholders and bonuses to directors and senior management staff of banks currently benefiting from regulatory forbearance.
Forbearance refers to the temporary reduction or postponement of payments, such as for loans or mortgages, usually introduced to give temporary relief to individuals, and corporations, including financial institutions encumbered by financial straits.
The directive was contained in a circular dated June 13, signed by Olubukola Akinwunmi, director of Banking Supervision, CBN.
According to the CBN, the move is part of efforts to strengthen capital buffers, enhance balance sheet resilience and promote prudent internal capital retention within the banking sector during what it described as a transitional period.
The regulatory forbearance arrangement, which allows banks some relief in meeting credit exposure and Single Obligor Limit (SOL) requirements, is currently being reviewed by the central bank in terms of capital positions and provisioning adequacy.
As part of this review, the CBN directed affected banks to suspend dividend payments, defer bonuses, and refrain from making investments in foreign subsidiaries or launching new offshore ventures.
“This temporary suspension is until such a time as the regulatory forbearance is fully exited and the banks’ capital adequacy and provisioning levels are independently verified to be fully compliant with prevailing standards,” the CBN said.
The bank added that the measure is to ensure that internal resources are retained to meet existing and future obligations and support “the orderly restoration of sound prudential positions.”
The CBN also said it will continue to monitor developments and engage with institutions as necessary.
The move comes amid efforts to tighten supervision across the financial system following recent banking sector reforms and recapitalisation directives.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor.
“As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM). Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
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